US service centre chain Olympic Steel has released its fourth quarter and full-year 2019 financial results, Kallanish reports.
Olympic recorded a net profit of $3.9 million for 2019, down from $33.8m in 2018. The company reported net sales for the year at $1.6 billion, which was a decrease of $100m from net sales of $1.7 billion in 2018.
In addition to company earnings, Olympic Steel announced its full-year output. Olympic Steel’s tons-sold for carbon flat products was 1.01m short tons, while tons-sold for specialty metals flat products was 1.42m st. The average selling price in 2019 was $917/short ton for carbon flats and $2,564/st for specialty flats.
Olympic Steel announced that 2019 was the second most profitable year ever for their specialty metals, with “… pipe and tube business delivering solid profitability,” according to a statement by ceo Richard Marabito.
“As we start the new year, we will remain diligent in managing our operating expenses and strengthening our balance sheet to provide us with the flexibility to swiftly execute on further growth and business diversification opportunities,” Marabito says.
